Subjugal
Long

Failed Elliott wave and ascending triangle

FX:AUDNZD   Australian Dollar / New Zealand Dollar
68 0 2
Hello,

the last daily downtrend movement seems to me like an Elliott wave , that failed to reach last low (5).
I once read, that this could lead to an trend revearsal.
If I consider the move up rejected at point (4) of EW, that seems to me like a triangle confirming the trend revearsal.
Got no clue for target of movement. But I think, it might be at least back to 0.786 Fib Retracement.
Comment: AUDNZD is on base of ascending triangle. If structure holds, from here it might be a buy. Finally it might figure out when breaking the upside of triangle.
Comment: https://www.tradingview.com/chart/W9KLdbq7/
Order cancelled: The triangle is inactive. So the trade idea has not been validated.
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